He manages more than $14 billion in assets, and half of Africa could be fed with his couch change. We should jump at the chance to peek at his process. So, how do we play this game more like you, Danny?

This little nugget of advisory gold comes from his latest quarterly letter, in which he acknowledges he was a bit too chipper about stocks heading into the year. That being said, he also believes selling in May isn’t the answer.

Another hedge funder posted his letter, and he had some upbeat market thoughts to share about where we’re headed in the mid-term. But, in a familiar refrain, Jeremy Grantham says he’s girding for the pop at the end of this bull run (more on Grantham below).

Toyota’s
/quotes/zigman/199376/delayed/quotes/nls/tmTM shift from California to Texas is still one of the hotter topics, especially for those proud Texans. But should the move be that surprising? Not according to U-Haul. (What?) Mark Perry of the Carpe Diem blog took a look at the cost of a one-way truck leaving California for Texas and found out it’s more than twice the cost to rent that same truck going from Texas to California. He says it suggests there are twice as many people bailing out of the Golden State than are coming in from Texas. “U-Haul’s market-based pricing seems to confirm the California exodus to Texas of jobs, people and businesses like Toyota and Occidental,” he said.

The chart of the day: Financial engineers who changed the economy back in 1995 are seeing their vision realized, according to Ralph Dillon of Global Financial Data. “If you don’t like how things work in a free market, just change the rules and financial engineer whatever the results of which you like to achieve,” he said. “And so, since 1995 we have been going from boom to bust, from one bubble to the next, as we try to navigate the financial markets that have been turned into a circus act.”

This chart goes way back to 1791, and puts the historic low yields and all-time market highs in perspective. “Exactly what the financial engineers sought out to do.” And for what? “Politicians will argue equality, Wall Street would argue modern global financialization, and I would argue a way to get and stay elected,” Dillon said.

The call of the day: Jeremy Grantham went into specifics in his quarterly letter as to how he sees this bubble playing out. First, investors will have to wade through a mixed-up, difficult stretch until October. At that point — boom — stocks crank it up in a big way, especially through April and on up to the election. Grantham says the S&P
/quotes/zigman/3870025/realtimeSPX will charge past 2,250, “perhaps by a decent margin.” But that’s where the fun ends. “Around the election or soon after, the market bubble will burst — as bubbles always do — and will revert to its trend value, around half of its peak or worse, depending on what new ammunition the Fed can dig up.”

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Need to Know (NTK) guides investors to the most important, insightful items required to chart a course ahead of each trading day. Anchored by lead writer Shawn Langlois, NTK will sift through the fire hose of news, commentary and data, from traditional and non-traditional sources, and extract what’s most essential. You can start reading NTK here as it begins publishing at approximately 6:30 a.m. ET, or sign up here to get a version in your email box every morning at approximately 8:45. a.m. ET.